APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

P N Gadgil Jewellers / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/p-n-gadgil-jewellers" target="_blank" data-smartkarma-citation="entities:41129:1" rel="noopener">P N Gadgil Jewellers (1742652D IN)</a> raised around US$130m in its India IPO. </li>
<li>It is an Indian organized jewellery player with product offerings which include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.</li>
<li>In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about trading dynamics.</li>
</ul>



P N Gadgil Jewellers (1742652D IN) raised around US$130m in its India IPO. 
It is an Indian organized jewellery player with product offerings which include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.
In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about trading dynamics.


P N Gadgil Jewellers IPO Trading- Decent Anchor, Strong Insti Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/p-n-gadgil-jewellers" target="_blank" data-smartkarma-citation="entities:41129:1" rel="noopener">P N Gadgil Jewellers (1742652D IN)</a> is looking to raise up to US$132m in its India IPO.</li>
<li>P N Gadgil Jewellers (PNGJ) is an Indian organized jewellery player. Its product offerings include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.</li>
<li>Previously, we talked about the company’s historical performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.</li>
</ul>



P N Gadgil Jewellers (1742652D IN) is looking to raise up to US$132m in its India IPO.
P N Gadgil Jewellers (PNGJ) is an Indian organized jewellery player. Its product offerings include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.
Previously, we talked about the company’s historical performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.


P N Gadgil Jewellers IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/p-n-gadgil-jewellers" target="_blank" data-smartkarma-citation="entities:41129:1" rel="noopener">P N Gadgil Jewellers (1742652D IN)</a> looking to raise up to US$132m in its upcoming India IPO.</li>
<li>P N Gadgil Jewellers (PNGJ) is an Indian organized jewellery player. Its product offerings include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.</li>
<li>In this note, we look at the company’s historical performance.</li>
</ul>



P N Gadgil Jewellers (1742652D IN) looking to raise up to US$132m in its upcoming India IPO.
P N Gadgil Jewellers (PNGJ) is an Indian organized jewellery player. Its product offerings include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.
In this note, we look at the company’s historical performance.


P N Gadgil Jewellers Pre-IPO - Strong Revenue Growth but Margin Worry Persists

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Forensic Accounting

Motisons Jewellers  / Forensic Accounting

<ul>
<li>Regulatory Tangles:Promoters faced cricket betting allegations, SEBI penalties, debarment from financial markets and a litany of investigations. Legal and financial risks loom due to regulatory delays and unresolved litigations.</li>
<li>Operational and Financial Hurdles:Excessive inventory, delayed payments, and opaque related-party transactions.Weaker margins, ROE, and underutilized manufacturing hint at broader governance frailty.</li>
<li>Debt Dilemmas and Transparency Concerns: Heavy reliance on high-interest promoter loans. Governance lapses are reflected in financial metrics, raising questions about transparency and conflicts of interest.</li>
</ul>


Regulatory Tangles:Promoters faced cricket betting allegations, SEBI penalties, debarment from financial markets and a litany of investigations. Legal and financial risks loom due to regulatory delays and unresolved litigations.
Operational and Financial Hurdles:Excessive inventory, delayed payments, and opaque related-party transactions.Weaker margins, ROE, and underutilized manufacturing hint at broader governance frailty.
Debt Dilemmas and Transparency Concerns: Heavy reliance on high-interest promoter loans. Governance lapses are reflected in financial metrics, raising questions about transparency and conflicts of interest.


All That Glitters Is Not Gold: Forensic Analysis of Motisons

Investment Research - Asia Consumer Sector, Investory

Devi Subhakesan

Investment Research - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Kalyan Jewellers / Equity Capital Markets

<p>In this report, we discuss Kalyan Jeweller's upcoming IPO pricing, post-money valuations and latest financials in conjunction with our earlier discussed view on the company's business outlook. In our earlier detailed report <a href="https://www.smartkarma.com/insights/kalyan-jewellers-ipo-lacks-lustre-look-beyond-the-prospectus" target="_blank" data-smartkarma-citation="insights:44841" rel="noopener">Kalyan Jewellers (IPO): Lacks Lustre. Look Beyond the Prospectus</a>, we had highlighted concerns on the company's growth prospects. </p><p>Kalyan has reported steep losses for 9 months ending December 2020 and highlighted that sales from the Middle-east fell steeply compared to India. India based jewellers had managed to report a turnaround in this period helped by a strong recovery in the December quarter. Kalyan's downsized IPO is priced almost at the average investment cost price of its private equity investor, Warburg Pincus. </p>

In this report, we discuss Kalyan Jeweller's upcoming IPO pricing, post-money valuations and latest financials in conjunction with our earlier discussed view on the company's business outlook. In our earlier detailed report Kalyan Jewellers (IPO): Lacks Lustre. Look Beyond the Prospectus, we had highlighted concerns on the company's growth prospects. Kalyan has reported steep losses for 9 months ending December 2020 and highlighted that sales from the Middle-east fell steeply compared to India. India based jewellers had managed to report a turnaround in this period helped by a strong recovery in the December quarter. Kalyan's downsized IPO is priced almost at the average investment cost price of its private equity investor, Warburg Pincus. 

Kalyan Jewellers IPO Priced Just Above PE Investor's Cost; Not for Quick Returns

India

PC Jeweller Ltd. manufacture, retails, and wholesale jewelry.  The Company sells jewelry through its showrooms and over the Internet.  PC Jeweller offers a wide range of products including gold jewellery, diamond jewellery and other jewellery including silver articles, with a focus on diamond jewellery and jewellery for weddings.

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Pc Jeweller Ltd (PCJL IN)

P N Gadgil Jewellers IPO Trading- Decent Anchor, Strong Insti Demand

P N Gadgil Jewellers Ltd (PNGJ) raised around US$130m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

P N Gadgil Jewellers IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

P N Gadgil Jewellers is looking to raise up to US$132m in its India IPO. In this note, we provide a summary of its RHP updates and share our quick...

Akshat Shah

P N Gadgil Jewellers Pre-IPO - Strong Revenue Growth but Margin Worry Persists

P N Gadgil Jewellers is looking to raise up to US$132m in its upcoming India IPO. In this note, we look at the company’s historical performance.

Akshat Shah

All That Glitters Is Not Gold: Forensic Analysis of Motisons

Forensic Analysis of Motisons - Promoters faced cricket betting allegations, regulatory penalties, SEBI debarment along with operational hurdles,...

Nimish Maheshwari

Kalyan Jewellers IPO Priced Just Above PE Investor's Cost; Not for Quick Returns

Post money Valuations not excessive on a relative basis. Near term, concerns remain. Not for ST gains. Expect limited downside in 6-9 months. Will...

Devi Subhakesan

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

P N Gadgil Jewellers IPO Trading- Decent Anchor, Strong Insti Demand

P N Gadgil Jewellers Ltd (PNGJ) raised around US$130m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

P N Gadgil Jewellers IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

P N Gadgil Jewellers is looking to raise up to US$132m in its India IPO. In this note, we provide a summary of its RHP updates and share our quick...

Akshat Shah

P N Gadgil Jewellers Pre-IPO - Strong Revenue Growth but Margin Worry Persists

P N Gadgil Jewellers is looking to raise up to US$132m in its upcoming India IPO. In this note, we look at the company’s historical performance.

Akshat Shah

All That Glitters Is Not Gold: Forensic Analysis of Motisons

​Forensic Analysis of Motisons - Promoters faced cricket betting allegations, regulatory penalties, SEBI debarment along with operational hurdles,...

Nimish Maheshwari

Kalyan Jewellers IPO Priced Just Above PE Investor's Cost; Not for Quick Returns

Post money Valuations not excessive on a relative basis. Near term, concerns remain. Not for ST gains. Expect limited downside in 6-9 months. Will...

Devi Subhakesan

Forensic Analysis of Motisons - Promoters faced cricket betting allegations, regulatory penalties, SEBI debarment along with operational hurdles,...